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Kobe Exports, Inc. is a wholesaler of Asian goods

Kobe Exports, Inc. is a wholesaler of Asian goods
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Price: $6.99
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Model: A
Average Rating: 5 out of 5 Stars!

Kobe Exports, Inc. is a wholesaler of Asian goods. By the end of 20X5, the company’s cash balance had dropped to Y7 million, despite net income of Y254 million in 20X5. Its transactions affecting income or cash 20X5 were (Y in millions): a. Sales were Y2,510, on all credit. Cash collections from customers were Y2,413 b. The cost of items sold was Y1,599. c. Inventory increased by Y56 d. Cash payments on trade accounts payable were Y1653 e. Payments to employees were Y305; accrued wages payable decreased by Y24 f. Other operating expenses, all paid in cash, were Y94 g. Interest expense, all paid in cash, Y26 h. Income tax expense was Y105; cash payments for income taxes were Y108 i. Depreciation was Y151 j. A warehouse was acquired for Y540 cash k. Equipment was sold for Y47; original cost was Y206, accumulated depreciation was Y159 l. The firm received Y28 for issue of common stock m. Long term debt was retired for Y25 cash n. The company paid cash dividends of Y98 Prepare a statement of cash flows for 20X5 using the direct method for reporting cash flows from operating activities. Calculate the cash balance as of January 1, 20X5. Omit supporting schedules. NOTE: This question is NOT our property; we are only suggesting solution of this question.

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